The Pension Transitional Arrangement Directorate (PTAD) has defended its decision not to include former workers of the defunct Assurance Bank Plc in the N32,000 pension increase approved by President Bola Tinubu, insisting that the exclusion is in line with existing Federal Government guidelines.
The clarification followed a protest by the retirees at PTAD’s Lagos office, where they demanded inclusion in the pension enhancement announced in 2024.
In a statement, PTAD acknowledged the retirees’ right to peaceful protest but maintained that the affected pensioners were already aware that they did not qualify for the flat-rate increase.
According to the directorate, a circular issued by the National Salaries, Incomes and Wages Commission exempted pensioners of defunct organisations including Assurance Bank, Peoples Bank of Nigeria, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL from the N32,000 increment.
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Instead, PTAD explained that the affected retirees were placed on a separate pension review arrangement that grants increases of 10.66 per cent and 12.95 per cent.
The agency said it had already implemented the approved increases and paid the resulting arrears through its payroll system. It further disclosed that over N5 billion was disbursed in December 2025 to more than 11,000 eligible pensioners from the affected organisations as part payment of outstanding arrears.
Despite PTAD’s position, the retirees insist they are being treated unfairly. Protest coordinator and former Assurance Bank employee, Idowu Oshikoya, said many pensioners receive less than N10,000 monthly and are struggling to survive amid rising living costs.
The retirees urged the Federal Government to review the policy and ensure they receive benefits comparable to those enjoyed by other Federal Government pensioners.
